SK Bioscience, Recorded’Daesang’ on the first day of listing
2.6x profit from public offering investors… Money cushion for employees
Securities market “Abundance of growth engines even after listing”
On the first day of listing, SK Bioscience, the first word in the IPO market this year, recorded’tasang’ (a direct going to the upper limit after the initial price doubled from the public offering price). SK Biosciences is called 1,290 trillion won, and Hana Financial Group(41,300 -0.24%) POSCO Chemical(148,000 +0.68%) Beyond his back, it climbed to 28th in the market cap of the KOSPI market.
The public offering investor, which received up to 317 shares, achieved an valuation profit of 33 million won in just one day. Employees of SK Bioscience also hit the jackpot. Executives earned a maximum of 34.9 billion won, and employees who received employee stock ownership gained nearly 800 million won per person.
On the 18th, the first day of SK Bioscience’s listing, investors came to buy stock at the beginning of 8:59 am. Buy orders piled up before the opening amounted to 30 million shares. The initial price is 130,000 won, which is twice the public offering price (65,000 won).
As the market predicted, SK Bioscience went straight to the upper limit in two minutes after opening. As of 10:9 am on the day, the number of purchases at the upper limit of 169,000 won was 6.6 million, and investors waiting for in-market purchases lined up. At the same time, the trading volume is about 687,000 shares, which is about 7.72% of the number of shares available for circulation on the day of listing, 8.87 million,7510 shares.
SK Bioscience quickly jumped to the 28th place in the market capitalization of the securities market (excluding preferred stocks). The market cap increased from 4,972.5 billion won to 12,928.5 billion won. Under SK Bioscience, Hana Financial Group POSCO Chemical KT&G(83,200 +3.87%) Netmarble(125,000 +1.21%) Lotte Chemical(302,000 0.00%) Hanon System(17,750 +1.72%) The back is seated and the top is AMOREPACIFIC(239,500 +0.63%) Samsung Electro-Mechanics(197,500 +1.80%) Samsung SDS(190,500 +0.79%) Korea Electric Power(24,200 -1.63%) Etc.
Public offering investors, hit again… Earn 2.6 times
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As SK Biosciences is making a big break, investors of public offering stocks are laughing.
According to the financial investment industry, NH Investment & Securities received the largest amount in the allocation of SK Bioscience’s public offering stocks.(11,600 +0.43%)This is Mr. A, who subscribed to Mr. A applied for 210,000 shares by putting in 6,825 billion won as a margin, and he received 317 shares. Mirae Asset Daewoo(9,710 +1.46%)Investors who received 195 shares in Korea and 171 shares in Korea Investment & Securities came out.
With SK Bioscience’s record, the public offering investors recorded a profit of 104,000 won per share, that is, a yield of 2.6 times. In the case of Mr. A, who received the most volume, it recorded a valuation profit of 33 million won in only 8 days after the 10th of the subscription deadline. If the upper limit continues until the 19th, tomorrow, Mr. A can earn over 49 million won in 9 days.
According to the investment prospectus of SK Bioscience, the total number of stock purchase claims (stock options) paid by the company to four executives, including CEO Ahn Jae-yong, amounted to 546,270 shares. The strike price for stock options granted by the company to executives is 9,154 won per share. As the stock price was so high, their stock option valuation gains total KRW 87.3 billion. For each executive, the amount ranges from 17.5 billion to 34.9 billion won.
There are also not a few employees who received stock shares. In the public offering stock subscription, 4.45 million shares were allocated to employee stock ownership, but 4.44 million shares were subscribed by the employee stock ownership association members. Considering that the number of members who participated in the subscription to employee stock ownership is about 600, on average, about 7484 shares per person, and the public offering price of 486.46 million won will be received. As a matter of fact, the average valuation profit per employee stockholder is 780 million won.
However, since the stock of employee stock ownership is not allowed to be sold for one year after listing, interest is focused on whether employees decide to leave the company one after another, as in the case of SK Biopharm.
Photo and article don’t matter/Photo = Getty Images
Stock market “There is a growth engine even after listing”
Yeouido Securities’ positive evaluation of SK Bioscience continues. We believe that growth engines (momentum) are abundant even after listing.
SK Bioscience is SK chemicals in 2018(305,500 -3.93%)It is a company established by dividing the vaccine business division of Korea. It is engaged in vaccine distribution and sales, consignment production (CMO) and consignment development production (CDMO) business. AstraZeneca and NovaVax have signed a CMO/CDMO contract for a novel coronavirus infection (Corona 19) vaccine, and a technology transfer contract for the domestic supply of NovaVax vaccine has been signed.
Kim Ji-ha, a researcher at Meritz Securities, said, “The performance of the CMO and CDMO business, taking into account the global average unit price and profit structure, is expected to be 4969 billion won this year and 739.5 billion won next year.” There is also the possibility of winning a contract,” he said.
Expectations for commercialization of in-house developed vaccines are also high. SK Bioscience is developing two synthetic antigens for COVID-19 vaccines. Candidate NBP2001 is undergoing phase 1 clinical trials and CBP510 is undergoing phase 1 and 2 clinical trials. The third phase is scheduled after the third quarter of this year. The next-generation pneumococcal vaccine is also attracting attention. The pneumococcal vaccine signed a joint R&D with Sanofi in 2014 and is currently undergoing phase 2 clinical trials in the United States.
Han Byeong-hwa, a researcher at Eugene Investment & Securities, said, “The success of SK Bioscience’s self-developed Corona 19 vaccine is very important for raising the corporate value. If only commercialized, the pneumococcal vaccine will also become the largest source of revenue after 2025.” .
Song-ryul Lee, reporter of Hankyung.com [email protected]